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Could Mortgage Market Have Contagion Effect on Politics?
2007-08-21 20:46:00
This is kind of interesting if you think about it: “Mitt Romney’s [portfolio (hedge-fund)] Hit by Mortgage Meltdown” Walk with me for a moment: Many of our politicians are very wealthy men and women. As a result, they are often invested in potentially higher-yield, higher-risk investment vehicles–like hedge funds. If you are not familiar with the nuances of hedge funds I highly recommend Marc Andresseen’s series on “fun with hedge funds.” Hedge funds are often riding the speculative big waves, like the mortgage market. And like most institutional investors it is hard to get out quick to stop the bleeding. So, many of these politicians/legislators lost or are losing significant amounts of money. Meanwhile, they are also entrusted with legislating solutions or even bailing out the current market woes. Is it for them or for the lenders and borrowers? Seems they are late to that game, but they can steady the mortgage market. Again, for them o...
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The Secret that Successful Mortgage Companies Don’t Want You to Know
2007-08-20 14:56:00
Ever wonder the secret to growing your mortgage business in good and bad times? Ever wonder how some notable mortgage companies continue to gobble market share every year while others implode? Quicken Loan’s Dan Gilbert gives you a couple of “surviving the mortgage implosion” tips in a recent interview, but I will point out the real hidden gem: “less people buying marketing and advertising on the Internet where we play” Keep trying to harvest dry rolodexes, realtor referrals, and bankrupt builders. Meanwhile, your consumers have moved to the Internet. Technorati Tags: lead generation, lead management, mortgage lenders, Internet leads
More About: Companies , Mortgage , The Secret , Secret , Compa

Leads2007, Intense Industry Improvement
2007-08-20 14:00:00
100_1674.JPG Originally uploaded by wmrice Lead s 2007 was a great experiment and successful experience in industry collaboration. Getting 50+ smart people in the room always makes a market better. Using the unconference format, we had a discussion any lead supplier, buyer, or technology company would have been envious of. Get all of the details and recaps at Leads2007. See you at Leads2008!
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Leads2007 is in Full Swing!
2007-08-13 21:48:00
Check out the Lead s2007 Blog for the latest on the first Internet Leads Unconference. Technorati Tags: Internet leads, lead generation, lead management, leads2007
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Lead Critic Posts His Latest Mortgage Lending Guidelines
2007-08-10 22:35:00
You think the mortgage marketing in getting tight? Have to cast off half of your app’d pipeline because of abrupt, erratic, knee jerk reactions, or disappearing investors/funding? Just remember it could be worse–”Guideline Changes Effective Immediately!“ Chin up and keep up the hard work. It will get better–it did after the last credit crunch in the 90s. Have a great weekend!
More About: Mortgage , Guidelines , Posts , Lending , Crit

New Lead Provider Business Plan
2007-08-09 14:34:00
Is there yet another new lead provider on the horizon? Is there really a better way to generate mortgage leads? Maybe the Web 2.0 way? Lead Critic explores what a new mortgage lead generation business plan might look like. Would you buy into this model? Technorati Tags: Internet leads, lead critic, lead generation, leads2007, social media, social networks, Web 2.0
More About: Business , Business Plan , Plan , Provider

Why isn’t my salesforce calling?
2007-08-07 20:29:00
Jeffrey Gitomer answered a similar question today in his weekly Sales Caffeine e-zine. His answer “30% lack of preparation and 70% fear of rejection.” Here are my answers to getting your salesforce to pick up the phone: First, let’s solve the easy part. 30% lack of preparation: Tape a big sign on your TV that says, “You are Costing Me Sales.” Time spent lifeless in front of the TV is time taken from preparation. Read about sales, life, entertainment, sports, politics, current affairs. These are the things that start good conversations and good conversations sell. Google Alerts (or a RSS feed reader) and add your targets and clients into them. Nothing sparks a good sales conversation like good or bad news about your targets and clients Google your prospect’s and/or their company’s name If you are a Sales Director–fire out quick, attitude focusing, knowledge building tips every morning Now to make up the 70% fear factor: You will be ...
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Top 10 Ways to Survive Mortgage Implosion
2007-08-06 14:24:00
The speedy and dramatic implosion of American Home Mort gage has sent many mortgage professionals into a accelerated search for a defensive strategy. Here are a few suggestions for survival to make sure you are not the next implosion or left in the collateral damage of the next big one to fold: Winners are Good Climbers: I still believe this advice I gave back in November 2005 as this market began to change Market winners are good climbers. If you look at endurance sport champions you see “good climbers,” runners and cyclist (i.e., Lance Armstrong) that know how to get very efficient and maintain form throughout sustained ascents. This translates into gain ground on leaders or extending distance on followers in the race. Business is no different. If you know how to quickly get more efficient and maintain form (customer experience) in harder markets you will gain market share. This is what Kaleidico is doing for our clients showing them how to get more efficient and effec...
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Inman’s BloggerConnect
2007-08-01 17:56:00
I am spending today at Inman ’s Blogg erConnect in San Francisco, CA. I look forward to meeting numerous Real Estate bloggers and putting faces to people I have read, referenced, and linked. My first impression? The Real Estate community is much more collaborative and cohesive than the Mortgage community. Sites like ActiveRain, RainCityGuide, BloodHound Blog. This is an opportunity in my opinion. Lead Critic, with his blog, forum, and lead buyer network as well as Noel Collins at Equity Direct Mortgage Corp. is doing a great job in starting this process and creating connections. Technorati Tags: blogging, real estate, Inman, BloggerConnect, connectSF
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Paul Knag says Buy Local and Finance Local…
2007-08-01 06:44:00
Why can’t this be a real Internet origination strategy? The research has shown that all of these consumers start their buying process online. There are also indications that many may ultimately buy or finance locally. Why can’t these be compatible? We know where the properties are down to the Zip Code. Why isn’t anyone effectively aggregating and giving these local banks and branches the buying power. These niche lead buyers could give consumers a great online and offline experience. I think there is some semblance of this concept in Net Branches, but they have de-evolved into Wild Wild West operations and seem to offer little back to the branch in terms of marketing or sales services. Technorati Tags: Internet leads, lead management, paul knag
More About: Finance , Local , Paul , Finan , Fina

Lead Exchange and Provider Go Transparent
2007-08-01 06:16:00
How refreshing is this? Lead Critic does a nice bit of research and analysis of what to many Lenders may seem a bit of a “black box” and LeadPoint opens up the box and is very clear as to what is inside. Meanwhile, BigMortgageLeads is sharing real statistical data about lead conversion patterns. I feel an exciting tipping point of increased transparency and willingness to openly interact about our businesses. Technorati Tags: lead arbitrage, lead buying, lead critic, lead generation, lead providers, leadpoint, bigmortgageleads
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Why the Resistance to Internet Marketing Channel?
2007-07-30 15:48:00
As the mortgage market begins to contract, as it always does, the various components begin the typical adjustments–products change, guidelines tighten, loan officers and processors migrate out or are reduced. All of these adjustments we have seen before, but there is one opportunity in the market that I see constant resistance to accept and incorporate as a sustaining strategy… This is an open mic question. I would love to hear your thoughts and feedback. Internet lead generation, as a viable marketing method and revenue model, emerged about the time rates started their record descent and the refinance boom kicked off. This created an interesting dynamic in the market. Almost two completely divergent origination models. First, and most traditional, was the continued tried and true course of fairly autonomous branch network, dependent on pressing referral networks, and wholesale operations to tap into the 65% or so of the loan production market that are independent brok...
More About: Marketing , Internet Marketing , Resistance , Channel

Leads2007 Only 3 Weeks Away!
2007-07-23 18:03:00
Leads2007 is only three weeks away and there is assembling a great mix of some of the smartest individuals in the Internet lead industry; ranging the full spectrum of lead supplier to buyer. If you have not yet registered please do so as soon as possible so we can get an accurate count for the sponsored events and room sizes. It’s only $99, what are you thinking about? Register here! Leads360 will be kicking things off with a great pre-event mixer! Starting at 7:00 pm on Sunday, August 12th at a great Tampa venue–Big City Tavern in downtown Tampa. If you have not checked out the current sessions agenda at the Leads2007 Wiki here is a quick rundown: Improving Customer Experience, Atul Patel Innovations in Lead Generation, John Challis, LeadPoint Contact and Telemarketing Teams Increasing Pull-Through with Technology, Jeff Gombala, LenderFlex Balancing the Lead Ecosystem, Paul Knag, American Home Mortgage How to Make Money/Lead Buying 101, Noel Collins, EquityDirect Conv...
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Ever Wonder What Happens to Internet Leads?
2007-07-18 16:07:00
BigMortgageLead s gives us some great insight into what happens to a consumer after they fill out a mortgage Web form. The data is even more interesting because I think it runs counter to most common lead buyer intuition about this consumer (e.g., they are shoppers, not buyers; they lie about equity; they are not a good referral base) From BigMortgageLeads new blog: 44% of leads closed a loan or were in the process of closing a loan within 90 days of filling out the form On average, loans funded for $30,000 more than the amount that the lead entered into our form 76% of leads filled out only one form online when shopping for a mortgage 52% of the leads could not remember the name of any of the lenders who contacted them after filling out the form 61% of leads discussed their loan with friends / family to solicit a reference There are definitely some conclusions to be drawn from this data. The most notable is that lenders and LOs are “turning and burning” on good custo...
More About: Internet , Intern

Kaleidico extends it Lead Management Platform into Education
2007-07-17 18:07:00
As you know, I have long viewed lead management as a platform to connect marketing and sales to increase conversion. The vertical or industry is irrelevant. The challenge is created by the emergence of the Internet and the consumers’ expectations in that environment. Our new partnership with CollegeRover allows us to demonstrate how quickly our lead management platform can extend into any venue. Combined with that is the interesting innovations that CollegeRover is launching into the lead generation market. Stay tuned…and welcome career counselors and college advisors to Better Closer! Technorati Tags: lead generation, sales management, lead management, Internet leads, kaleidico, icoSales, collegerover
More About: Education , Management , Ends , Ducati , Platform

Bob Dylan on Sales Excellence
2007-07-17 17:45:00
I went to my first Bob Dylan concert last Thursday and like most who have experienced the “Poet Laureate of Rock ‘n Roll”–I was inspired! It all started with the fans and the enthusiasm they exuded before the show. They were not coming to hear their favorite song from some album they were there for THEIR show. They were coming to experience Dylan as he never comes through on a CD (not even a live album). By the second song in Dylan’s set, “When I Paint My Masterpiece,” I knew there were lessons to be learned. What does this have to do with sales (or business) excellence? Simple. Bob Dylan has shown us how to captivate a fanatical fan base and a create a converting experience for first timers–all in the same show. Here is the formula: Do it with Passion Do it with passion. You should enjoy what you sell. You should be fanatical about getting better. You should want to know all of the ways you can help your fans (past clients) or your f...
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Hot Transfers and Telemarketing for Lead Conversion
2007-07-16 16:51:00
It seems that the hot topic for the last couple of months has been increasing conversion and Internet leads ROI with the use of contact or telemarketing teams. This is sure to be a key best practices topic at Leads2007. Here are some samples of the discussion from some of the smart people that have already signed-up: Jason Stoffer, Outlines the 5 Keys to Success n a Hot Transfer Environment Lead Critic, Says Hasta La Vista to Non-Producers Chris Beauchamp, Introduces The Evolving Lead Generation Lexicon: Introducing Cost Per Qualified Lead Paul Knag, Tells you how to Build Your Own Skype Virtual Call Center Me, I am a big advocate of contact teams and building your salesforce around them We are looking forward to having intense discussions fueled by lenders, lead providers, lead management, technology, VCs, and journalist. Get the cheapest ($99) Internet lead conversion ticket of the year. Register NOW! Technorati Tags: leadmanagement, conversion, lead buying, lead generation, lea...
More About: Transfers , Conversion , Telem , Version , Telemar

Synergy Between Lead Management and Lead Generation
2007-07-11 21:53:00
DMConfidential recently published a great trends article about Kaleidico, lead management, and the lead generation industry. It is certainly clear that DMConfidential believes, like we do, that lead management is going to continue to play a central role in helping lead buyers to be more successful in converting their leads: “Lead management systems are far more complex than affiliate tracking; yet, the majority of affiliate networks use third-party software. The same holds true in the lead world. They either use no software or they use third-party ones like Kaleidco’s IcoSales. Close one more lead, though, which in many markets means thousands in profit, and you can see how this can mean more money to the lead generators and why lead generators should want their buyers to know how to properly work the leads.” Leveraging technology to create efficiency and consistency in your lead management process is a cheap way to increase your focus on your marketing, sales, and...
More About: Management , Manage , Generation , Ween

Don’t Give the Internet a Bad Name
2007-07-10 12:57:00
I just read a great series of posts by Eileen Tefft, “Joe Buyer and the Lending Treehouse of Horror: Part 1 and Part 2.” She also links to a typical “traditional” Loan Officer’s reaction to Intern et lead generation and origination. This link was intended to explain why Joe Buyer got the experience he received from his selected Internet originator. I would suggest that a lot of this single case study and generalization is self serving. Much of the motivation to vilify the Internet comes from the increasing lose of past client and current opportunity to the Internet–”80% of home buyers said they used the Internet to search for a home.” Another portion of the motivation is the classic struggle between Realtor and Loan Officer for complete control of the transaction, which is the source of their commission. One other point of fact. If any of us had as much visibility and as much volume as LendingTree we would certainly have a few anonymou...
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Honor Your Contract with the Consumer
2007-07-09 19:40:00
Are you buying leads? What does that mean? Well, basically a consumer went to the Web and said, “I want lenders to contact me, at my convenience, to my answer questions about mortgages and possibly even qualify me for a loan.” Do you have an obligation to that consumer? Absolutely! However, we often forget that implied contract. In purchasing that consumers’ information you are agreeing to actively follow-up with that consumer. What does the consumer expect? Prompt replies Diligence making initial contact, at their convenience Not having to chase down the loan officer to talk (i.e., returning voice mails and playing phone tag) A loan officer that listens first, then provides expert advice on their unique scenario Active follow-up through-out the process What does the consumer often get? Brutal barrage of initial teaser rate emails and phone solicitations No follow-up after initial attempts to “see if there is life in the lead” A pushy loan officer ...
More About: Consumer , Contract , Honor , Cons , Trac

Announcing Leads2007, The Event of 2007!
2007-06-28 15:47:00
A unique, new event to the lead buying and selling marketplace–Lead s2007. When asked to explain the event I am describing it as an “on-demand” “unconference.” On-Demand Delivering instant gratification and immediacy of use based on you creating and participating directly in the agenda of the event. Unconference Leads2007 takes the “experts” off the stage and engages the daily operators in the “audience” to discuss real needs and solutions Kaleidico has gotten the ball rolling, but this is YOUR conference. There is a lot to do in a short amount of time so if you want to make this valuable to you, you need to participate. Administrivia This blog will have notes on the day to day planning and details and some comments on the event as it comes together, but the real work is getting done on the Leads2007 Wiki (remember it is your conference so you get to edit it anyway you want it). There is a minimal fee–$99, which you can re...
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Surviving the Mortgage Implosion
2007-06-28 13:50:00
Todd Carpenter at Lenderama has a great post about perspective in the current mortgage market. Do some deep breathing, get focused, get intense, and analyze the data: Most homeowners in today’s market have had a 7% or maybe even an 8%+ loan in their past, and I’m not talking twenty years ago either. You are likely more freaked out about this then they are. If May foreclosures DOUBLED in your state, that likely means they went from something like .2% of all loans, to .4%. It’s bad, but jeez, a little perspective is in order. Most homeowners have good credit. If half your loans are for clients with sub 600 credit scores, then half your clients are in the bottom 15% of all borrowers. Think about that. Stated Income loans are not the most popular type of loan originated. Neither are Option ARMs, or sub prime loans, or 100% financing. I would add that the MBA continues to estimate the 2007 originations at $2.56 TRILLION–you think you can get enough of that to keep...
More About: Mortgage , Gage , Ving , Vivi , Mort

Improve Your Mortgage Lead Buying and Fantasy Team
2007-06-25 14:45:00
Ever wonder what mortgage lead buying and fantasy baseball have in common? Check out my first guest post on Lenderama and improve your mortgage production and fantasy baseball standings in a single read.
More About: Buying , Fantasy , Mortgage , Team , Improve

Visit with ZipSearch!
2007-06-22 13:33:00
Buying leads can be a confusing and complicated decision with various lead providers and a broad range of quality and integrity. We view, and protect, our position as a trusted advisor in this part of our value proposition. Therefore, as you know Kaleidico spends a significant amount of time surveying the lead generation market, understanding lead providers various and diverse products, and ensuring we perform due diligence on each partner before we mention them to any customer. A significant part of that process is that I personally like to visit and sit face-to-face with the principles as early in our partnership as possible. I recently did that with ZipSearch! this week. I must say I think they represent a trend in smaller, perhaps lesser know lead providers that are producing a high-quality lead by focusing on capturing a consumer closer to their buying point and limiting their product to consumers and data that they produce directly and organically. They have a great team, a pa...
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Prepare to Win
2007-06-01 18:58:00
This is one of my favorite quotes, from one of the all-time most winning coaches in College basketball, Bobby Knight: “Most people have the will to win, few have the will to prepare to win.” Get out a note card and a Sharpie and write that quote down and tack it near your phone or on your computer. This is one of the primary keys to success. If you don’t do the hard work. If you don’t devote the preparation time to build the skills of success, then you are merely a Con-Artist and confidence tricks can not sustained. Proof Tiger Woods still hits 400 golf balls a day in his training routine. That is sustainable skill building. The lesson here–Do the Prep aration! Read about the Mortgage Markets: Morgan Brown at Blown Mortgage analyzes ARM Resets Dan Green at The Mortgage Report coverage of Bankrate.com Mortgage Trend Index Alex J. Steinback at Behind the Mortgage gives regular Mortgage Market Commentary Read about being a Good Mortgage Broker/Banker: ...
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Internet Lead Workflows | Pipeline Management | Part 3
2007-05-30 15:28:00
One of our enthusiastic clients implemented the call back workflows we discussed last week in icoSales’, using our sales force automation, and brought us to a perfect example of why these lead workflow concepts need to work together. If you do not implement pipeline management in conjunction with the call back periods you will not compel loan officers back into the pipeline to hit the frequent call backs. In their implementation they executed the call back intervals automation flawlessly, but did not consider today’s topic–pipeline management. Pipeline management has traditionally been associated with the most fundamental of concepts within lead management, working leads or calling on prospects. However, so much is missed within this topic if that is your singular view of pipeline management. Instead it should be a very organized process that consists of the following: Total pipeline size Inflow of new leads Evaluating each lead as it is worked Total pipeline siz...
More About: Internet , Management , Part , Mana , Part 3

Internet Lead Workflows | Call Back Periods | Part 2
2007-05-24 03:46:00
If you have ever seen radar or sonar work, or read a Tom Clancy novel you have a great analogy for understanding the first component in developing your Intern et Lead Workflows–Call Back Periods. The purpose of radar or sonar is to locate an object by continually sweeping a general area where you think that object may be. Then as you get a return signal or “contact” you refine your subsequent sweeps to be more precise and maintain contact. That is the concept behind Kaleidico icoSales’ call back periods. A concept that should be implemented in any lead management methodology. Taking this analogy into the context of lead workflows you have three primary variables: Call back intervals Lead status Mortgage production cycle The creation of call back periods seems intuitive, but if you try to use reminders and calendars you usually end up with a garbled mess of flags and pop-up reminders that eventually get ignored or turned off. Not to mention you are still left...
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HOW-TO Develop Internet Lead Workflows | Part 1
2007-05-22 21:29:00
Jason Stoffer just gave me a perfect introductory question Calling Intern et Leads: How Often, How Much? to start my new series on HOW-TO Develop Effective Internet Lead Workflows. I agree with Jason’s current conclusion that there is no “holy grail answer” to the question because “each company, industry, and consumer segment comes with it own unique characteristics.” That is why I will seek to engage my answer starting with his second potential source of finding an answer: “what approach or methodology should I use to arrive at an answer?” My answer? Dynamic Internet Lead Workflows built on the fundamental premise of the problem–How to effectively meet someone in a strange place: So, you purchase Internet leads and you are frustrated with contact and conversion rate. Have you considered that the majority of that conversion effectiveness is in how you manage that lead into a contact? Have you considered that the process of getting that ...
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Lead Management and Fair Lending
2007-05-22 18:38:00
Could your current lead management techniques be putting you into Fair Lending (Fair Housing Act) harms way or promotes Redlining? Are you are feeding list of leads and leaving it to the loan officer to pick and chose who they call? Even worse do you allow them to preview and select leads based on demographic and economic factors like age, gender, or neighborhood? These types of lead management techniques could set you up for a very painful ding from a State or Federal Regulator. Make sure as you craft your lead management best practices and methodologies that it creates a bullet proof lead distribution process that ignores all factors such as: race, color, religion, national origin, sex, handicap, or familial status.
More About: Management , Mana , Manage

Why Consider a Lead Provider v Lead Exchange?
2007-05-22 17:55:00
You know I like to be fair and balanced and let the readers make the final decision–you had to know this was coming. The last post was so compelling why wouldn’t you buy all your leads from a lead exchange, like Lead Point or RootExchange ? Well the biggest reason is that it has not become a full-service marketplace (yet). It truly is an eBay for Internet leads, but you don’t buy all of your stuff from eBay–right? There is a tendency in any auction, versus a true marketplace, to attract remnant merchandise. Most believers in Lead Exchanges (count myself as one) think that this phenomenon is at worst case an important (and potentially highly profitable) component of any marketing portfolio and in the best case is merely a n early evolutionary stage to a genuine marketplace. If you only buy from a lead exchange you may be missing out on premium online media buys that attract affluent mortgage buyers and refinanciers. I can guarantee you that not a lot of Yahoo!Fi...
More About: Side , Cons , Provider